Sandeep opened a savings account and deposited 100.00 as principal. The account earns 9% interest, compounded annually. How much interest will he earn after 7 years?

Solution

Solution

Interest : 82.8

Solution steps

Translate the problem into an equation:

182.80391 \dots = 100 + I

Solve for

I, 182.80391 \dots = 100 + I : I = 82.8

Interest : 82.8

Popular Examples

The diameter of a circle is 14 ft. Find its circumference in terms of pi The product of a number and-4 is equal to 23. Find that number.You are dealt one card from a 52-card deck. Find the probability that you are dealt a spade or a non dash picture card.You deposit 2000 in an account earning 5% interest compounded continuously. How much will you have in the account in 5 years?Alexandra earned some money doing odd jobs last summer and put it in a savings account that earns 10% interest compounded annually. After 3 years, there is 600.00 in the account. How much did Alexandra earn doing odd jobs?